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Consumer Interest in Electric Vehicles has Declined Since 2010, According to New Pike Research Survey

BOULDER, Colo.--(BUSINESS WIRE)-- With the first commercial launches in 2010, plug-in electric vehicles (PEVs) have grown significantly in volume, with many auto manufacturers adding new models to their fleets. In the United States, sales of PEVs are expected to reach nearly 48,000 in 2012 and to surpass 400,000 vehicles annually by 2020. However, according to a new consumer survey from Pike Research, a part of Navigant's Energy Practice, fundamental interest in PEVs declined among survey participants between 2010 and 2012.

In 2012, only 35 percent of respondents stated that they would be extremely or very interested in purchasing a plug-in hybrid electric vehicle (PHEV) or battery electric vehicle (BEV) with a range of 40 to 100 miles and an electricity cost equivalent to $0.75 per gallon. In 2011, 40 percent stated they were extremely interested or very interested in this type of vehicle, which was down slightly from 44 percent in 2010.

"Interest in PEVs remains moderate but has fallen over the last year," says senior research analyst Dave Hurst. "While this decrease is not staggering, it might indicate that auto manufacturers need to address misconceptions among consumers and do a better job of educating consumers about the benefits of PEVs in order to attract buyers in larger numbers."

In addition to a decline in interest, the 2012 survey found that there are a number of misconceptions in the market. When asked if PEVs are cheaper to own in the long run than gasoline vehicles, 37 percent of respondents disagreed. Additionally, 37 percent believe PEV batteries are dangerous. Even those respondents who expressed interest in PEVs showed signs of concern, as more than one third believes current PEV owners are often stranded as a result of their vehicles running out of power.

The report, "Electric Vehicle Consumer Survey", details findings from a web-based survey of 1,001 consumers in the United States. The study assesses consumer demand, preferences, opinions, and price sensitivity for PEVs and electric vehicle (EV) charging infrastructure. The survey was conducted in fall of 2012 using a nationally representative and demographically balanced sample. Pike Research conducted similar surveys in 2010 and 2011, and this latest version shows, when appropriate, year-over-year comparisons of data to identify trends. An Executive Summary of the report is available for free download on the Pike Research website.

About Pike Research

Pike Research, which joined Navigant's global Energy Practice on July 1, 2012, provides in-depth analysis of global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Grid, Smart Transportation, Smart Industry, and Smart Buildings sectors. Additional information about Pike Research can be found at www.navigant.com/pikeresearch.

About Navigant

Navigant (NYS: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.

* The information contained in this press release concerning the report, "Electric Vehicle Consumer Survey," is a summary and reflects Pike Research's current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Pike Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.